Construction of Tiger Woods Dubai, a high-end residential complex that was to be built around a championship-caliber golf course, has been halted because of poor market conditions in the Middle Eastern emirate, Bloomberg News reported, citing developer Dubai Properties.

Sheikh Ahmed bin Saeed Al Maktoum, head of the Emirates airline, is taking over as chairman of Dubai World as the company struggles to restructure.
Dubai%u2019s government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the construction of palm-shaped islands off the emirate%u2019s coast, Bloomberg News reported.

Hong Kong took a new step this week to let some air out of its real estate bubble, levying a heavy tax on property flippers -- a move that has already sent asking prices there downward. But Hong Kong's real estate risks are dwarfed by those in Mainland China.

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities.
Dubai%u2019s government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."

Dubai World plans to sell off some of its most prized assets in order to raise as much as $19.4 billion to pay off creditors, Reuters reported.
The state-owned conglomerate told investors last month that the need to restructure was "urgent", Reuters said, citing a document handed out at an investor meeting.

The Gucci name has gone from designer leather goods to designer clothes -- now, it's getting into the hospitality business. Elisabetta Gucci Hotels, led by the daughter of designer Paolo Gucci, plans to open its first boutique hotel in Dubai this year.

Dubai does everything big, and that includes its debt -- all $60 billion. Investors have reason to be concerned whether Dubai World, government's investment arm, can make its payments in a timely fashion. It's worrisome then that the proposed settlement for Dubai World to restructure $26 billion in debt is so tenuous, that one claim from a creditor could ruin the plan.

Shares had a mixed day in Asia Tuesday. Hong Kong's Hang Seng Index climbed 1.2%, with real estate companies continuing to climb, and China's Shanghai Composite Index slumped 0.7%. In Japan, the Nikkei 225 Index slid 0.5%, though reports that Dubai's government is committed to helping keep Dubai World afloat, sent shares of several engineering companies involved in the building of the Dubai Metro surging.

The emir of Dubai opened the world's tallest building Monday amid talk of his nation's massive debt, its overextended real estate market, rising unemployment and a host of other recession-linked miseries. But despite the many experts ready to write Dubai's financial obituary, the emirate is far from dead yet.

A few years ago, ever-rising home prices seemed like a sure bet. Today, Wall Street's sure bet is a weak and falling dollar. But investors would be wise to consider what would happen if the conventional wisdom falls short again.